Adv

In the first three months of 2018, Vietnam’s exports of goods increased sharply by 24.8 per cent compared with the same period last year, showed the statistics figures of the General Department of Customs.

Viet Nam’s special preferential import tax rates applied for the Framework Agreement on Comprehensive Economic Cooperation between ASEAN and China (the ACFTA Agreement) in the 2018-2022 phase will help reduce import tariff lines to 0% in 2018.

Vietnam imported nearly US$ 5.42 billion worth of textile and garment materials in 2017, increased slightly by 7.1 per cent over the year of 2016, showed the statistics figures of the General Department of Customs.

The likelihood of a Trans-Pacific Partnership (TPP) without the United States has raised concerns over its impacts on leather and footwear export, but in fact the leather and footwear industry has been, and will be, continuing to change and develop although TPP has not shaped or may be never shaped because Vietnamese footwear has strong competitiveness thanks to economic, political and social stability; abundant, cheap and skilful workforce; and a golden-age population. Vietnam is now the third largest footwear producer and exporter in the world (after China and India), with approximately 10 per cent of global market share. Footwear is the fourth largest export of Vietnam and accounts for 10 per cent of the country’s export turnover. In 2016, the export value of footwear and handbags reached US$16.2 billion, up 8.3 per cent from 2015, and is expected to come to nearly US$18 billion in 2017, up 10 per cent year on year. Notably, there is a change in export structure when high-valued segment has now reached 10 per cent or so from 5 per cent earlier.

The Prime Minister’s Decision 12/2011/QD-TTg dated February 24, 2011 on policies on development of supporting industries is the first legal document on supporting industries of Vietnam. Supporting industries are to manufacture materials, components, parts and semi-finished products to feed industries that manufacture and assemble finished products which are input materials or consumer goods.

Leaders of the 12 Trans-Pacific Partnership (TPP) member countries adopted a Joint Statement demonstrating their strong commitment to pushing ahead with the signing, ratification, and execution of the agreement at the sixth high-level meeting in Manila, the Philippines, on November 18.

Experts forecast that the Trans-Pacific Partnership (TPP) will bring about sweeping changes within the Vietnamese financial market, however, thorough preparation is needed to maximize potential benefits.

The Trans-Pacific Partnership (TPP) agreement, which is awaiting ratification by 12 member countries, will have a substantial impact on the Vietnamese economy once it is implemented, according to economic experts.

The conclusion of the Trans-Pacific Strategic Economic Partnership (TPP) Agreement negotiations on 5 October 2015 has been hailed by the twelve participating countries as a landmark for regional economic integration.